Majority of people in the world today have one problem they are trying to overcome, this problem is not peculiar to certain range of people alone, it affects both the young and the old, man and woman.

This underrated destroyer is known as DEBT. 

Some owe to pay for mortgage, some owe to pay for School fees, some for feeding, some for pleasure. Some actually owe because they are addicted to borrowing.


WHAT IS DEBT

These involves money that one owes, or is required to pay to another.

Debt may not necessarily be money alone, it can come in other forms. People owe kindness to friends, some owe their lives to loved one.


For the purpose of this work, we are going to view debt in terms of money.


WHY DO PEOPLE OWE?

If you ask everyone who is indebted to another, they will all have good reasons to owe. No one will tell you he or she borrowed without reasons. 

This has shown that we make or create reasons to fit our actions in life.

Some Borrowed to fund a business, some to eat etc.

This shows that everyone tend to have justifications to why they borrowed, or they're in debt.


DANGERS OF DEBT

Debt is one of the most underrated ways of dragging one's integrity in the mud, a lot of men have gone down because of debt.

Therefore, outlined dangers of debt are:

1. Lost of Respect: A chronic debtor already loss his respect.

No one respects one who owes and cannot pay back.

Avoid debt if you still want to maintain your respect.

2. It keeps you from Reaching your goal financially

Debt is one of the greatest enemy of goal, you cannot service a debt and be financially free, it wrecks financial freedom.

3. It can Lead to Mental Stress

It can cause serious emotional breakdown if unable to pay back. A lot of people have been depressed at some point in their lives because of inability to pay debt.

A debtor thinks of possible ways to pay back, if no tangible way comes out, it can cause severe mental damage.

Over thinking because of Debts


4. It affects your Future income

Money paid for debt purpose is never gained, it's a loss. Spending your time to service debts affects your achievement in the nearby future.

5. It Restricts your Freedom

A debtor is never free, in all he does, he keeps being reminded that he's indebted to someone. A debtor can be likened to a prisoner who is not to do.

All he thinks of is way to pay back to be free.


HOW TO OVERCOME DEBT

There are Great and Proven ways one can overcome Debt to live a free life, there is nothing as sweet as a debt free life.


1. Contentment:

The greatest and easiest way to overcome debt is contentment, this has to do with being satisfied with what you have, living within one's means. 

If you live a contented life, you will never owe, you will always be satisfied with what you have.

2. More Streams of Income:

A lot of people owe, not because they truly want to owe, they owe because they sincerely do not have ways of taking care of their immediate needs. Having more than one stream of income will help you to bring in more money, so you will have no reason to borrow.

3. Financial Management: 

Another wonderful way of being debt free is being able to manage your resources properly. Some people actually have income flow, but what they lack is how to manage those flows, thereby forcing them to borrow.

4. Record Keeping: 

Keeping track of your income will help you to regulate, so you know when to minimize or cut down costs. If you are unable to keep records, you are likely to run into debt.

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